MANFRACO PUBLIC RECONCILIATION DOC

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Monday, April 19, 2010

THIS BLOB HAS BEEN CREATED TO INVITE MEMBERS OF THE PUBLIC WHO ARE WILLING AND ABLE TO TAKE PART IN USEFUL DISCUSSIONS, WHICH COULD HELP COMPARE THE OLD WAYS OF LIVING TO THE NEW WAYS, IN THE HOPE OF SOLVING SOME OF THE MAN MADE PROBLEMS.

Manfraco Public ReconciliationsHow do we start to own a home

YOU ARE INVITED!You are invited to browse and take part in the discussions that follow.

This is the dream that everybody dreams, we all want to own our own home, so that we can feel safe and proud, even if it is only a small place to start with.In my previous post I just said that it is hard to buy a house, because their price goes up continually; however anybody that is serious enough and wants really to own a house have got to start somewhere.Money this is the problem. Where do we find the money to buy a house?Well you will never be able to buy a house if you do not have any money yourself.So, if you have a job start saving some money, each time you get paid do not spend it all, just deposit whatever amount you can in a bank deposit, you will see that as the time goes by it will grow.Ask some expert about how much money you need for a deposit before you get involved in buying your place. It is better to start with a small house, so that you may be able to afford repayments of your loan.Every able person should try to buy their own house, it is worth the effort.(End of first post)-This post has been added later on. It is still about owning a home and I think in makes sense hereunder. -TODAYThe Reserve Bank has followed up on its governor's warning to homeowners, by lifting official interest rates by 0.25 percentage points.

The move takes the official cash rate target to 4.25 per cent, and will move most major banks' standard variable mortgage rates above 7 per cent, provided they pass on the full increase.

RBA governor Glenn Stevens said while lenders had generally raised rates a little more than the cash rate, interest rates to most borrowers had been somewhat lower than average.

"The board judges that with growth likely to be around trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average," Mr Stevens said in a statement.

"Today's decision is a further step in that process."

Mr Stevens said credit for housing had been expanding at a solid pace.

"New loan approvals for housing have moderated over recent months as interest rates have risen and the impact of large grants to first-home buyers has tailed off," he said.

"Nonetheless, at this point the market for established dwellings is still characterised by considerable buoyancy, with prices continuing to increase in the early part of 2010."

The 25-basis point rise in interest rates, if passed on in full by the banks, will add about $48 a month to a $300,000 mortgage on a 25-year term.

The National Australia Bank had already committed, before the Reserve Bank's meeting, to raising its standard variable mortgage rate by no more than the Reserve Bank's change.

If it passes on the full Reserve Bank increase, its standard variable mortgage rate will rise from 6.74 to 6.99 per cent per annum.

The question today is, how many of us have already missed out, and therefore may never be able to afford to own a home?---------------Manfraco Public ReconciliationsHow do we start to own a homeIS TO BE CONTINUED:----------------------------------------------

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